Resolute Mining Limited — Investor Presentation 2019

Nov 25, 2019

Mine Gold. Create Value.

Mines and Money London Syama: The world’s first purpose built, Corporate Presentation fully automated sub-level cave gold mine November 2019

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Cautionary Statement

This presentation contains information about Resolute Mining Limited (Resolute or the Company) and its activities that is current as at the date of this presentation unless otherwise stated. The information in this presentation remains subject to change without notice. This presentation has been prepared by Resolute and no party other than Resolute has authorised or caused the issue, lodgement, submission, despatch or provision of this presentation. The information in this presentation is general in nature and does not purport to be complete. This presentation is not a prospectus, disclosure document or other offering document under Australian law or under the laws of any other jurisdiction. This presentation is provided for information purposes and does not constitute an offer, invitation , inducement or recommendation to subscribe for or purchase securities in Resolute in any jurisdiction.

The information contained in this presentation has been prepared in good faith by Resolute, however no guarantee, representation or warranty expressed or implied is or will be made by any person (including Resolute and its affiliates and their directors, officers, employees, associates, advisers and agents) as to the accuracy, reliability, correctness, completeness or adequacy of any statements, estimates, options, conclusions or other information contained in this presentation.

To the maximum extent permitted by law, Resolute and its affiliates and their directors, officers, employees, associates, advisers and agents each expressly disclaims any and all liability, including, without limitation, any liability arising out of fault or negligence, for any loss or damage suffered by any person relating in any way to the use of or reliance on information contained in this presentation including, without limitation:

• from representations or warranties or in relation to the accuracy or completeness of the information contained within this presentation;

• from statements, opinions, forecasts, reports or other matters, express or implied, contained in, arising out of or derived from this presentation; or

• for omissions from this presentation including, without limitation, any financial information, any estimates, forecasts, or projections and any other financial information derived therefrom.

This presentation does not constitute financial product advice, investment, legal, taxation or other advice and is not intended to be used or relied upon as the basis for making an investment decision. This presentation is not a recommendation to acquire Resolute securities and has been prepared without taking into account the investment objectives, taxation situation, financial situation or needs of individuals. Before making any investment decision in connection with any acquisition of Resolute securities, prospective investors should consider the appropriateness of the information having regard to their own objectives, tax situation, financial situation and needs and seek financial, legal and taxation advice appropriate to their jurisdiction.

Past performance information given in this presentation is for illustrative purposes only and should not be relied upon as an indication of future performance. This presentation includes certain forward-looking statements, including statements regarding our intent, belief or current expectations with respect to Resolute’s business and operations, market conditions, results of operations and financial condition, and risk-management practices. Words such as ‘project’, ‘foresee’, ‘plan’, ‘expect’, ‘aim’, ‘intend’, ‘anticipate’, ‘believe’, ‘estimate’, ‘may’, ‘should’, ‘will’ and similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Forward-looking statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. These statements are based upon a number of estimates and assumptions that, while considered reasonable by Resolute, are inherently subject to significant uncertainties and contingencies, many of which are outside the control of Resolute, involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward looking statements on certain assumptions, which may prove to be incorrect. Actual results, performance, actions and developments of Resolute may differ materially from those expressed or implied by the forward-looking statements in this presentation.

As an Australian company listed on the Australian Securities Exchange (ASX), Resolute is required to report Ore Reserves and Mineral Resources in Australia in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Recipients should note that while Resolute’s Mineral Resource and Ore Reserve estimates comply with the JORC Code, they may not comply with relevant guidelines in other countries.

For details of the Mineral Resources and Ore Reserves used in this presentation, please refer to ASX Announcement dated 13 February 2019 titled “Annual Ore Reserve and Mineral Resource Statement as at 31 December 2018”, ASX Announcement dated 29 April 2019 titled “Tabakoroni Resource Update”, ASX Announcement dated 22 July 2019 titled “Major Resource and Reserve Upgrade at Ravenswood” and ASX Announcement dated 31 July 2019 titled “Offer Document Acquisition of Toro Gold”. The Company is not aware of any new information or data that materially affects the Mineral Resources and Ore Reserves as reported in these ASX Announcements and confirms that all material assumptions and technical parameters underpinning this plan continue to apply and have not materially changed. The form and context in which the Competent Persons’ findings are presented have not been materially modified.

All in Sustaining Cost (AISC) per ounce of gold produced are calculated in accordance with World Gold Council guidelines. These measures are included to assist investors to better understand the performance of the business. ‐ Cash cost per ounce of gold produced and AISC are non International Financial Reporting Standards financial information

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Mako Syama
Senegal Mali
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Bibiani Ghana

Market Capitalisation A$986m | US$670m | £519m

Dividend Policy Minimum Payout of 2% of Annual Gold Sales

Ravenswood Australia

Resources / Reserves 18.8Moz / 7.7Moz FY19 Guidance (to 31 Dec) 400koz at US$1,020/oz AISC

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Resolute Portfolio

Syama Mako

Syama Complex comprises the Syama Underground Mine, a world class, fully automated sublevel cave, and the Tabakoroni Open Pit Mine

Mako is a high quality, low-cost producing asset with attractive scale, located in the stable, mining friendly jurisdiction of Senegal

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Mine Life 14 years
Mineral Ore
Resource 8.2 Moz 3.4 Moz Reserve
LOM US$ 300 Target
AISC Production
746 /oz kozpa
Plant Capacity 4 Mtpa
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Mine Life 7 years
Mineral Resource 1.2 Moz 0.9 Moz ReserveOre
LOM US$ 140 LOM Ave
AISC Production
780 /oz kozpa
Plant Capacity 2.3 Mtpa
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Ravenswood

At Ravenswood, Resolute is taking steps to transition from underground mining at the Mt Wright Underground Mine to large scale open pit mining at Buck Reef West / Sarsfield

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Mine Life +10 years
Mineral Resource 5.9 Moz 2.7 Moz ReserveOre
LOM US$ 200 Target
AISC Production
823 /oz kozpa
Nameplate Capacity 5 Mtpa
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Bibiani

Bibiani is a potential long life, high margin operation and represents a growth opportunity for Resolute

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Mine Life 10 years
Mineral
Resource 2.5 Moz
LOM US$ 100 Target
AISC Production
764 /oz kozpa
Available Capacity 3 Mtpa
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Note: Mineral Resource is inclusive of Ore Reserve and is as at 31 December 2018 (Syama Mineral Resource is inclusive of the Tabakoroni Mineral Resource update which is as at 31 March 2019). Syama: all statistics are for the Syama Complex except for LOM AISC which is for the Syama Underground Mine. Mako Production and AISC is a LOM Target. Ravenswood is Target Site Production as is mine life based on ongoing optimisation word. Ravenswood LOM AISC is based on Ravenswood Expansion Plan study update published in July 2018. Bibiani Mine Life, LOM AISC and Target Production based on study update published in July 2018. Numbers subject to rounding.

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Mali Syama Gold Mine

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Syama Underground Mine

The world’s first fully automated underground gold mine

Commenced sublevel caving in December 2018 Commercial production rates achieved in June 2019

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Mine Based Off-Grid Hybrid Power Solution

– One integrated power station ensuring optimal operations

Single operation, designed for maximum efficiency

Hybrid Management System

Battery Energy Storage System

Standard plant design used for each technology; integration of technology provides unique value Replacing LFO with HFO – achieving ±30% fuel efficiency benefit Solar enetration ±30% p

Significantly greener and reduced emissions Fast-track implementation

Next Generation Engine Technology

Di italisation Inte ration g g

The station will be modular and expandable to meet likely future growth requirements of the mine

Solar System Solution

Experienced business partner in Aggreko in provide off grid remote mine power solutions

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Syama Underground

Autonomous Drilling

Autonomous Loading & Dumping

Autonomous Truck Navigation The most advanced mining automation system Mine Digitalisation in the world

Autonomous Haulage

Central Monitoring & Visualisation

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Syama System Overview Major Components

PHASE 1: MINE DIGITALISATION

Phase 1 capability delivers the completed control room with connection to the underground wireless network and the ability to schedule, control and monitor MANUAL underground activities in real-time.

PHASE 2: AUTONOMOUS PRODUCTION AND HAULAGE

Phase 2 capability delivers AUTOMATED LHD and DRILL production on the levels and AUTONOMOUS TRUCK haulage from the 1055 level to the surface ROM

Mine-wide Wireless Network Mine Scheduling, Control, Visualisation and Optimisation Suite Surface Control Room Production Level Automation (LHD / Drill Automation) Automated Haulage (Truck Loop)

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Syama System Overview Phase 1: Mine Digitalisation

Control Room + Network + OptiMine = Efficiency

The 2 Declines and the 1105 and 1130 production levels will be connected to the visualisation system in the control room

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Benefits of the visualisation system include:

• Visualisation of mine and fleet (equipped with tracking units)

• Efficiency gains for production fleet

• Production gains for haulage fleet fitted with OptiMine units

• Remote production drilling

• Real time production data

• Real time dispatch

• Effective cave management

Syama Automation Control Room

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Syama System Overview Phase 2: Autonomous Haulage and Production

Automated Haulage Loop – The Main Game

• The Automated Haulage Loop is the “Main Game” in terms of the Syama Underground Mine’s delivered benefit from innovation

• The Automated Haulage loop enables Resolute to haul ore 24 hours a day / 7 days a week

• Traffic is managed by a centralised server which increases throughput relative to manual hauling

• Segregated autonomous decline with passing bays where the autonomous trucks make their way to the surface

• Higher production rates over more hours per day = more tonnes

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The Impact of Automation at Syama Productivity

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Continuous Less
Operation Downtime
Consistent High-speed
Extra Productive
Output Production
Hours
Optimised
Upgradeable To
Less Operational
Tracking &
Headings Multi-machine Control
Reporting
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The Impact of Automation at Syama Technology Driven Productivity Gains

AUTOMATED MINE 15% - 20% Gain

• Remotely Operated Machinery

• • Autonomous Drilling

• • Autonomous Loading

• Autonomous Haulage

DIGITAL MINE 10% - 15% Gain

• Tracking and Visualisation

• • Task Scheduling and Optimisation MANUAL MINE

• DAY SHIFT NIGHT SHIFT

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Note: Productivity gains referenced for the Automated Mine and Digital Mine are relative to the Manual Mine and are driven by increased operating time and improved fleet efficiency and are representative of gains achieved in other mines which have implemented similar solutions.

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The Impact of Automation at Syama Economics, Safety and People

LOM AISC Reduced to Mine Life Extended to US$ 746 /oz 2032 Low Reduced Smaller Upfront Fleet $ $ Damage $ Capex Upskilling Local Workforce Improved Operator Comfort

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Active, Multi-Rig Exploration Program Resolute controls 80km strike length of Syama greenstone belt

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Nafolo: A Major Gold Discovery at Syama Extension potential for the existing Syama Underground Mine

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Nafolo Snapshot

• Untested to the south and at depth

• All drillholes to date have intersected gold mineralisation

• Nafolo mineralisation can potentially be accessed from existing Syama Underground infrastructure and may form part of a future expanded mining operation

• Infill resource drilling continuing to upgrade to Indicated status

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Tabakoroni: High Grade Intersections Potential standalone underground operation supports mine life extension Mineral Resource of 1.03Moz at 5.1g/t Au

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Half Year Results Presentation: For the six months to 30 June 2019

Mako Gold Mine Senegal High quality, low cost producing asset with attractive scale

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Mako Gold Mine – Overview

Low cost, high margin production from a stable, mining friendly jurisdiction

Overview

• Location • Senegal Ownership • 90%; Senegal Government 10% (free carried) Mine Type • Open Pit Mineral Resources • 20.4Mt at 1.89g/t Au for 1.244Moz Ore Reserves • 14.1Mt at 2.05g/t Au for 928koz Mine Life • 7 years Processing • 2.3Mtpa carbon in leach plant LOM Ave Recovery • 93.8% First Production • 26 January 2018 FY18 Production • 156,926 at AISC of US$655/oz •

• LOM Production (Average) 140,000oz at AISC of US$780/oz • 90% Senegalese including 60% from the local

• Workforce Kedougou region

• Safety • Strong safety record; LTIFR of 1.47 (Dec 2018) • 7 year tax holiday (30% corporate tax rate)

• Tax • VAT exemption •

• Government Royalty 3% + 2% where gold price exceeds US$1,150/oz

Government Royalty

Location

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Mako Gold Mine

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Mako Gold Mine – Mining and Processing Simple open pit mining with high gold recoveries through CIL plant

Mining

Processing

• Conventional drill and blast, load and haul operation

• Mining services provided by proven contractor, African Mining Services SARL

• African Mining Services is Resolute’s contractor at Syama

• 2.3Mtpa processing plant

• Process route includes crushing, grinding and CIL recovery

• Strong metallurgical recoveries; 95.5% achieved in 2018; 94% in H1 2019

~~Key Statistics~~	H1 2018	H2 2018	H1 2019
Ore Tonnes (kt)	1,384	1,373	1,206
Mine Grade (g/t Au)	2.18	2.58	2.64
Waste Tonnes (kt)	6,514	7,128	7,313
Strip (Ore: Waste) (x)	4.7	5.2	6.1

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~~Key Statistics~~	H1 2018	H2 2018	H1 2019
Ore Milled (kt)	859	934	1,064
Head Grade (g/t Au)	2.66	3.33	2.94
Recovery (%)	95	96	94
Production (oz)	62,902	94,024	93,926

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Mako Gold Mine – Jurisdiction

Senegal: a stable, mining friendly jurisdiction with excellent infrastructure

Overview

• Senegal enjoys a reputation for political stability and has a strong democratic tradition

• Senegal is an excellent investment jurisdiction and politically stable

• Government supportive of mining as key economic driver

• Mako is governed by a 15-year Mining Concession with associated Fiscal Convention

• Excellent infrastructure access regionally and nationally

Control Risks Country Assessment of Senegal

Risk Factor	Rating
Political Stability	LOW
Crime	LOW
Terrorism	LOW
War	LOW
Civil Unrest	LOW
Kidnap	LOW
Travel	LOW

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Resolute led by Managing Director & CEO Mr John Welborn and Toro led by Chief Executive Officer Mr Martin Horgan meet with Senegal’s Minister for Mines Assaitou Sophie Gladima

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Note: Risk Ratings based on report prepared by Control Risks Group Holding Limited July 2019.

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Exploration Portfolio

Resolute’s exploration to extend further in Cote d’Ivoire and into Guinea

Cote d’Ivoire

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• 6 exploration permits and a further 2 permits under application

• Joint venture with ASX-listed Predictive Discovery Limited

• Predictive controls the Kokoumbo (90%), Boundiali (100%), Ferkessedougou (100%) and Kounahiri (100%) permits; Toro has a 70% interest in the joint venture and the right to go to 90% through completion of a DFS on any of the projects

• The joint venture currently holds 51% of the Beriaboukro, and Ferkessedougou North permits as well as the Odienne North and South applications

• Multiple drill targets generated

Guinea

• 3 Greenfields exploration permits in Siguiri Prefecture

• Soil sampling completed across all 3 permits

• Multiple anomalies identified for follow-up

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Half Year Results Presentation: For the six months to 30 June 2019

Ravenswood Gold Mine Australia Targeting 200kozpa from low cost open pit mining for 10+ years Mineral Resource of 5.9Moz and Ore Reserve of 2.7Moz

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Half Year Results Presentation: For the six months to 30 June 2019

Bibiani Gold Mine Ghana

Long life, high margin growth opportunity Targeting production of 100kozpa from Mineral Resource of 2.5Moz

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Strategic Investments in Africa

Objective

Establish a portfolio of investments in emerging gold explorers to expand our project pipeline and provide a source of medium term potential growth opportunities 9% stake Focus Equity investments in African focused explorers in highly 16% stake prospective gold regions

16% stake

26% stake 27% stake

Multiple potential opportunities for the development of future Resolute gold mines

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Resolute is committed to the World Gold Council’s Responsible Gold Mining Principles

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Workforce Development

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Best Workforce And Industry Development Initiative Winner: The Malian Talent Development Program

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Cor orate Summar (ASX:RSG | LSE:RSG) p y

Capitalisation	A$	£	US$
Share Price	$1.09	£0.57	$0.74
Shares on Issue	903m
Market Capitalisation	$986m	£519m	$670m
Top 10 Shareholders 1ICM Limited 14.44% 2Van Eck Associates Corporation 10.72% 3 L1 Capital 5.86% 4QG Investments Africa 4.56% 5The Vanguard Group 4.33% 6Resource Capital Funds 4.06% 7Dimension Fund Advisors 3.32% 8BlackRock 3.17% 9Fidelity 2.05% 10Baker Steel 1.73% FY19 Guidance Trading Statistics 400kozat US$1,020/oz AISC YTD Average Daily Trading Volume: 9.6m Value: A$13.0m
1ICM Limited	14.44%
2Van Eck Associates Corporation	10.72%
3 L1 Capital	5.86%
4QG Investments Africa	4.56%
5The Vanguard Group	4.33%
6Resource Capital Funds	4.06%
7Dimension Fund Advisors	3.32%
8BlackRock	3.17%
9Fidelity	2.05%
10Baker Steel	1.73%

ASX Price Performance

Note: Market data as at 20 November 2019. Top 10 Shareholders as at 31 October 2019.

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Analyst Coverage Summary

Target Prices and Recommendations

	$2.48 $2.35 $2.20 $2.09 $2.07 $1.60 $1.60 $1.50 $1.50 $1.40 Buy Hold
Lead Analyst	J Guy R Spencer K McCutcheon H Hillcoat M Stoner B Crowley P Hissey P Howard J Bishop M Frydman
Date	31 Oct 2019 31 Oct 2019 31 Oct 2019 31 Oct 2019 31 Oct 2019 31 Oct 2019 4 Nov 2019 11 Oct 2019 7 Nov 2019 31 Oct 2019

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Note: Numis and Investec target prices reported in GBP and converted to AUD and GBPAUD of 1.90.

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Contacts

Follow Us

John Welborn | Managing Director & CEO Jeremy Meynert | General Manager –BD & IR EMAIL | contact@rml.com.au PHONE | +61 8 9261 6100

WEB | www.rml.com.au